US STOCKS-Futures dip with world stocks as econ worries persist

* World stocks slip as economy fears persist

* Futures down: S&P 500 2.2 pts, Dow 22 pts; Nasdaq 3 pts

* For up-to-the-minute market news see [STXNEWS/US]

By Edward Krudy

NEW YORK, July 7 (BestGrowthStock) – U.S. stock index futures fell
on Wednesday, following global equity markets lower, as fears
of a slowdown in the world economy persisted.

* Asian and European markets slid, with Japan’s Nikkei
average (.N225: ) closed off 0.6 percent, and the pan-European
FTSEurofirst 300 (.FTEU3: ) declining 0.5 percent Wednesday
morning, resuming an almost uninterrupted two-week retreat.

* U.S. stocks (Read more about the stock market today. ) struggled to make headway on Tuesday, and
while they broke a five-day losing streak, buying interest
evaporated in the afternoon, as investors sold into the rally
in what has become a familiar pattern over the past two

* Rick Meckler, president of investment firm LibertyView
Capital Management in New York, said the failure to hold gains
in the last session indicated the market was trying to find a

* “Whether we’re facing a double-dip recession or whether
this is just the slowing that results from the withdrawal of
some government stimulation, things have certainly slowed down
and worries about that have spread into the market,” he said.

* S&P 500 futures (SPc1: ) fell 2.2 points and were below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) dropped
22 points, and Nasdaq 100 futures (NDc1: ) lost 3 points.

* Euro zone economic growth in the first three months of
2010 was confirmed on Wednesday at 0.2 percent quarter on
quarter, but any stronger expansion in the second quarter could
be short-lived. For details, see [ID:nLDE6660U8]

* A European committee of bank supervisors will outline the
methodology for stress tests of about 100 banks in the euro
zone and beyond later Wednesday, sources told Reuters.

* U.S. Treasury Secretary Timothy Geithner sounded a
positive note on Tuesday, saying he was confident the economy
would continue to grow as it comes back from the financial
crisis, but added that recoveries were “never even, never
steady.” [ID:nLDE66600U]

* In what could be an early taste of the coming earnings
season, Family Dollar Stores Inc (FDO.N: ) posted higher
quarterly profit as customers sought cheap food and other
everyday items in the face of high unemployment, but the
discount chain forecast fourth-quarter earnings below
expectations. [ID:nSGE6660EP]

* Microsoft Corp (MSFT.O: ) plans to cut a small number of
jobs as early as this week, the Wall Street Journal reported,
citing a source. [ID:nSGE66604Q]

* Lockheed Martin Corp (LMT.N: ) has won a $522 million
contract to build 42 F-35 fighter planes, the Pentagon said.

* BP (BP.L: )(BP.N: ) Chief Executive Tony Hayward met with
officials from Abu Dhabi’s investment authority as speculation
mounted the sovereign fund would make a fresh investment. BP’s
shares rose 2.4 percent to $32.68 in premarket trade.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)

US STOCKS-Futures dip with world stocks as econ worries persist